Monday, October 9, 2000		Article

Portal for auction

Auction2gain.com, a B2B auction portal that was launched three months ago, has attracted listings worth Rs 100 crore. The site has been put up by Suryansh Information Technology and expects online auction business of Rs 500 crore within one year. Already strategic tie-ups with Modi Sugars and Birla Pelicase, for disposal of surplus assets and inventories, have been finalised.

Buyers and sellers would be registered before carrying out the transactions. Sellers would be required to pay fees for listing of products and buyers would be able to post queries and bid, globally.

Physical transaction including material delivery and payment collection will be carried out directly between buyer and seller. Auction2gain would charge 4 per cent of the transaction value from the seller as service charges for providing the platform.

The portal is open to strategic partnerships with other companies for creating a marketplace where strategic partners will get platform to transact only with their choice of companies.